Iron ore miners caned despite futures

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Bit of a reversal of recent trends going on today for iron ore equities with Chinese iron ore and rebar futures up, 2 and 10 points respectively, but the locals getting smashed, with FMG leading the way.

Here are latest relative performance charts. In recent times, juniors have arrested falls as the price hasn’t breached new lows and bong-smokin’ hopes of acquisitions persist despite busted business models:

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The majors have all been enjoying time in the sun as fundies buy the “volume to outpace price” drivel:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.